Happy Birthday to Bitcoin
On 3 January, 2009, something special happened — it was the first Bitcoin to be mined:
Every since it has ran like clockwork, and has created a new block around 10 minutes intervals.
Whether you love or hate Bitcoin, you must respect the cryptography that was used to create it. Basically its created — Satoshi Nakamoto — selected the core elements to make it secure and scaleable. While we could critise it’s usage of proof of work, it is the grandfather of cryptocurrencies, with much better methods, such as Ethereum, Hyperledger and IOTA following in its steps. Overall, it should that you can actually integrate trust into financial transactions, and keep tally of every transaction made.
Satoshi
In 2008, Satoshi Nakamoto, outlined a paper in which he defined a cryptocurrency which could be mined, and where the miners were paid for producing the hash of the current block. He set-out that the currency would eventually run out, so he defined that the mining reward would half a given times. He started with a massive reward of 50 BTC, and which recently was set at 6.25 BTC:
